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【Ten–year Tempering, Win-win Future】Gemdale Group WINS Investment 2019 Investors Annual Conference and 10th Anniversary Celebration
【WINS Trend】Mr. Xu Yafeng, President of WINS Investment, was invited to attend the 13th CV Annual Conference: We are willing to operate long-term capital in the age of slow money
2019-04-18   

From April 17 to 19, 2019, the 13th CV Annual Conference and Annual Summit sponsored by CV Network and CV info and co-sponsored by CV Capital was held at W Shanghai-The Bund. The theme of this conference is “Long China”. More than 100 private equity institutions from home and abroad gathered together to discuss the hot issues in the present industry.

 

 

On April 18, Mr. Xu Yafeng, President of WINS Investment, was invited to attend the event and participated in a real estate fund forum on the theme of “searching for long-term capital in the era of slow money of real estate”. The forum was presided over by Li Xiaoli, editor-in-chief of real estate technology of CV Network. The guests participating in the talk at the forum also include Yang Yu, managing director of China Life Capital, Zhou Yue, deputy general manager of Sino-ocean Capital, and Zhang Ping, executive director of Citic Capital Real Estate Department. Xu Yafeng shared his views on such topics as “With the advent of the era of slow money in real estate, institutions strive to operate long-term capital”, “The ways for ordinary people to participate in the investment in stock assets” and “The investment strategy of investment institutions in the era of slow money”.

 

 

Do you agree that the whole industry has entered the era of slow money and the era of stock?

Are you willing to operate long-term capital?

 

In 2008, WINS began to explore the real estate financial business. In that period, China's real estate finance was mostly focused on project investment of short-cycle development, predominated by opportunistic investment. However, along with the many-year development of the real estate industry and the real estate finance industry in China, the incremental market or the development-oriented investment has basically reached a peak. Therefore, it can be said that China’s real estate industry has entered the era of stock. In this stage, the field of real estate finance urgently needs long-term capital and investment that can realize long-term returns. Particularly, in recent years, along with the launch of asset securitization products in China's real estate finance, whether China's capital market needs to be rapidly developed or the policy encourages asset securitization products, more and more capital companies are willing to invest in relatively stable and long-term assets. WINS has also been making explorations and efforts in this field. Both the urban renewal fund set up by WINS jointly with its business partner last year and the core value-added fund to be operated this year focus on the field of long-term and stable assets. In the future, the withdrawal can be made through the securitization products of the exchange. President Xu hopes that the real long-term products in China’s real estate finance can be developed more quickly.

 

Do ordinary people have the opportunity to participate in the investment in stock assets?

 

WINS carried out equity investment of housing development as soon as it was established, but funds of this kind oriented to development investment usually do not have a long cycle, generally 3 to 4 years, and were withdrawn along with the carry-over of project profits. The logic of asset investment of this kind is not complex, and ordinary investors have a personal experience of housing, so it is easy to understand. However, the investment in stock assets is diversified, specialized and subdivided. In the future, WINS will focus on office, industrial park, apartments for long-tem rent and other asset projects. In these fields, the requirement for each vertical category is very high. It is not only simple investment, financing and trading, but also needs to carry out professional and fine asset management in the long-term operation, so as to increase the value of assets, and obtain long-term returns. Therefore, for stock assets of this kind, we need a very professional team to judge its investment value and profit model. In the future, when the asset of this kind is relatively stable, after the professional operation and management of operators and the value appraisal of investment institutions, a standardized capital market product can come into being, which can bring a long-term stable return to investors, and which is suitable for ordinary investors to buy at this time. Therefore, the best way for ordinary investors to participate is to indirectly participate in the investment in stock assets through standardized capital market products, rather than buying them directly.

 

In the stock era, what types of assets are you optimistic about?

 

WINS is opportunistic about the assets of the following types: 1) Office building. Although the competition in this field is very fierce, it is an industry type that must be considered in terms of the long-term strategy; 2) Industrial park. As a matter of fact, some industrial parks can also form a new type of office carriers through the operation transformation. These two industry types can also be combined with each other. For example, Shanghai No.8 Bridge Project in which WINS invested is exactly this type. 3) Apartments for long-term rent. For investors and users, in the long run, the model of apartments for long-term rent has an inevitable space for demand, survival and development. WINS has also been exploring the securitization products of its apartments for long-term rent. The business logic of assets of these types is tenable in terms of both the strength of the policy and the demand of the transaction. Therefore, WINS is optimistic about them. For assets of these types, on the one hand, they can be withdrawn through the channel of asset securitization; on the other hand, if the assets are not only very stable but also are capable of gradual increase of income, WINS can even choose to hold them for a long term, and operate “long-term capital”.

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